When filing for divorce in Illinois, there are some things you should keep in mind when it comes to dividing marital property. Marital property is divided in a fair and equitable fashion, meaning the judge will take in consideration several factors when determining who is entitled to what in the divorce settlement. You and your spouse are responsible for disclosing all property and assets in your possession. This includes contents of your checking and savings accounts, furniture, property and vehicles. However, there are some lesser known items that may get overlooked when it comes time to distribute marital property, or the property and assets that have been accumulated during the marriage.
In addition to the family home, cars, savings accounts and furniture, the following are items of marital property that are eligible for division in a marriage:
- Lottery ticket winnings and income tax refunds
- Memberships to exclusive golf courses and country clubs
- Expensive collections, such as art, antiques, cars, horses and coins
- Intellectual property, such as copyrights, patents, trademarks and royalties
- Gifts given to one another during the marriage
- Term life insurance policies, 401k plans, stocks and IRA accounts
If you or your spouse loaned money or property to a third-party during the course of the marriage, both parties are entitled to half of that amount once the balance is repaid. This holds true even if the item or money is not repaid until after the divorce is finalized.
This information is intended to educate and should not be taken as legal advice.